New Delhi [India], March 11 : The Directorate of Enforcement (ED), Mumbai, has taken a decisive step in the ongoing investigation into alleged financial irregularities by filing a Prosecution Complaint (PC) against Digambar Rohidas Agawane and eight others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to a press release, the complaint was lodged before the Special PMLA Court in Mumbai on March 2 and the court acknowledged it on March 4.
The ED's investigation stems from 12 First Information Reports (FIRs) filed by the Maharashtra State Police against Digambar Rohidas Agawane and his associates under various sections of the Indian Penal Code (IPC), 1860.
According to the ED's findings, Digambar Agawane was allegedly involved in a series of fraudulent activities, including the procurement of loans through deceitful means.
He reportedly double-mortgaged properties with multiple financial institutions and intentionally mortgaged disputed properties to secure loans.
These loans were then diverted through various related entities for Agawane's personal benefit.
Additionally, he exploited legal loopholes by creating dummy directors to obtain loans, which were ultimately siphoned off for his personal use.
Moreover, Agawane is accused of engaging in fraudulent schemes to lure investors into his companies with promises of high returns.
However, he failed to fulfill these promises, leaving investors at a loss. Furthermore, the investigation revealed instances where Agawane allegedly resorted to fraudulent land acquisitions and illegal sales deeds, employing threats and extortion tactics.
The ED's investigation estimates that the Proceeds of Crime (POC) generated by Agawane amounts to Rs. 12.8 Crore, with expectations of this figure rising as the investigation progresses.
Agawane was apprehended on 5th January 2024 under Section 19 of the PMLA, 2002, and has since been in judicial custody.
As the investigation unfolds, the ED continues its efforts to uncover the full extent of Agawane's alleged money laundering activities and bring all involved individuals to justice.
The agency remains steadfast in its commitment to combat financial crimes and uphold the integrity of the financial system.
Further investigations are currently underway to unearth any additional evidence and bring a comprehensive conclusion to the case.
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